Bitcoin faced a strong rejection at the pivotal $12,000 level after rallying to that resistance earlier this month. After failing to hold above $12,000, the coin plunged by just over $2,000 in the days that followed.
At the lows, BTC traded for $9,800 — $2,200 below the local highs and $2,700 below the year-to-date highs at $12,500.
Bitcoin could soon make another run at $12,000, though. An analyst says that the leading cryptocurrency will be cleared to move toward that level if it achieves the following technical accomplishment.
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Bitcoin Could Soon Retest the $12,000 Resistance: Here’s How
Bitcoin will be primed to retest the critical $12,000 resistance if it manages to retake the low-$11,000s, Michael Van De Poppe recently said. Van De Poppe is a cryptocurrency analyst and a trader at the Amsterdam Stock Exchange.
“The $10,750 area held and we’re targeting the range high here again. Crucial breaker for bullish continuation is $11,100-11,300. If that breaks, we’ll head towards $12,000.”
His optimism is related to the importance of the low-$11,000s to Bitcoin over the past few weeks.
Over the course of August, BTC printed multiple corrections from the $12,000 range highs. While some feared that the support was poised to break, Bitcoin bounced multiple times around $11,000-11,300, with that zone managing to stave off multiple strong corrections.
Bitcoin reclaiming that region as support will